APAC shareholder opposes buyout offer

By Lisa Kerner

Charlotte, N.C., Feb. 2 - APAC Customer Services, Inc. investor Ronald L. Chez objected to a proposal by Tresar Holdings LLC to acquire the company's remaining shares and asked to meet with the special committee of APAC's board of directors in a Jan. 30 letter to chairman Theodore G. Schwartz.

"Given the significantly improved operating performance achieved by the new management team, and the opportunities for APAC to grow earnings and cash flow, I believe the price being offered to shareholders does not at all constitute an appropriate valuation," Chez said in the letter included as part of a schedule 13D/A filed with the Securities and Exchange Commission.

Tresar is an acquisition vehicle formed by Schwartz who wants to acquire the company for $1.61 per share or approximately $81.4 million, it was previously reported.

Chez bought 120,293 shares of APAC between Dec. 1 and Jan. 30 at prices from $0.98 to $1.3954 each for a total of $143,467, the filing said. He beneficially owns 3,606,942 shares or 7.1279 % of Deerfield, Ill., customer care services company.

Schwartz and related holders own 49% of APAC's outstanding common stock.

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